New Horizons. Business opportunities in Norway and South Korea, and strategies necessary to reach the UN s sustainability goals

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2 New Horizons Business opportunities in Norway and South Korea, and strategies necessary to reach the UN s sustainability goals

3 Why Innovation Day? September 28 th 2017 MILLENNIUM SEOUL HILTON The world is a changing place, and we as businesses and as societies need to change with it. As such, we are always looking for ways to solve, adapt and to innovate. Norway and South Korea are two countries that are leaders in their fields, and have a long history of trade. Through Innovation Day, the Royal Norwegian Embassy in South Korea and it s commercial section/innovation Norway, in collaboration with DNV GL want to facilitate and strenghten the business environment between Norway and South Korea, focusing on the intersection of innovation and sustainability.

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5 Areas for future collaboration between South Korea and Norway For Innovation Day 2017 our focus is on three primary fields within innovation and sustainability: Clean Energy Offshore wind Smart Societies Smart city Smart grid Smart transportation Health - Aquaculture Sustainability in aquaculture Aquaculture Ecosystem and its Future History of Aquaculture Development and Success Next Generation Aquaculture Solutions for Sustainability

6 Clean Energy Towards a sustainable future.

7 Special Focus: Offshore Wind The Korean government plans to increase their renewable energy consumption to 20% by 2029, a significant increase from today s 6.7%. Wind energy will be a key driver towards that goal. Today, a total 1,301MW in wind power plants, including 35MW offshore, is installed in South Korea. The government target is to install 13 GW offshore by Currently, two floating wind R&Ds are under construction, and 17 offshore projects (3,137.8MW) have been announced. Key areas where the Norwegian industry can contribute in South Korea include geotechnics services, offshore wind farm design/consulting, foundations, operation & maintenance and grid connection. Norwegian competitive advantage, innovation, knowledge and experience will be welcomed during Innovation Day. Photo: Yngve Ask/Innovasjon Norge

8 Smart Societies Infrastructure for a better tomorrow.

9 Special Focus: Smart city and Smart grid With the challenges of high density population - some 25 million people, more than half of the total population, are concentrated in and around the Seoul Metropolitan area - major cities in South Korea are pushing for smart city initiatives. Norway is far ahead in the development of e-vehicle and smart grid systems, and Seoul Metropolitan City is also developing Smart grid system. Smart Cities in South Korea are very eager to collaborate with innovators in the international arena. This year, the 6th New City Summit was held in Songdo International Business District with the invited 800 representatives from the Smart City leading countries, while Seoul Metropolitan City hosted Seoul Digital Summit 2017, inviting 20 major global and domestic players, such as Microsoft, Cisco, IBM, Woori bank, Korea Telecom, LG U+, etc.

10 Special Focus: Smart transportation With the rise of innovative ICT technology, such as cloud, Big Data and IoT, innovative use of technology opens opportunities for more accessible, green and cost-effective infrastructure and transportation. For example through the use of traffic data and its data processing, to increase traffic flow. Seoul Municipality and Hyundai Motor have kicked off a research project to use the traffic Big Data to get connected to vehicles for more efficient driving in terms of energy and fuel efficiency. Oslo Kommune/Municipality is also keen on this intelligent transportation under the theme of Smart Mobility and has engaged the community in creating innovative solutions. Photo: Smart Mobility Hackaton is an event that brings concepts from the drawing board to the living lab and autonomous bus is part of this initiative.

11 Health - Aquaculture Sustainability in all aspects of life. Photo: Heidi Widerøe

12 Special Focus: Sustainable Aquacultures As one of it s key industries, Norway in continuously developing aquaculture technology for future sustainability. South Korea currently has a vested interest in developing this industry as it is awaiting a significant shift in the industry s legal framework, providing room for Norwegian expertise and ample business opportunity. Just like in Norway, Koreans have long enjoyed seafood as one of their key food groups. With economic development leading to higher living and income standards, Koreans now consume the most seafood in the world 58.4kg/person compared to 53.3 kg/person in Norway and the figure is expect to rise. Yet despite economic growth, South Korea s primary industry fishery and aquaculture have not been included in any major government initiatives, as the South Korean government focuses primarily on ICT and heavy industry. In the face of new challenges, the South Korean government is now seriously considering aquaculture as a new target growth area. Photo: Siv Nærø/Innovasjon Norge

13 Why Norway and South Korea? Benefits of a long-standing relationship

14 There is a long-standing tradition of cooperation and business between Norway and South Korea, particularly in maritime and marine areas. South Korea is Norway s second largest trade partner in Asia, and Norway s fifth largest overseas market.

15 Innovation Day Program overview Details TBD Topic-driven Group Sessions

16 For more information, please view: Tusen takk!